Morning Wire Ford EV Business Stalls & Amazon One Arrives | 8.5.23
Aug 5, 2023
Ford faces a staggering $4.5 billion loss in its electric vehicle division as hybrid vehicles gain popularity. Meanwhile, Amazon introduces a revolutionary palm-scanning payment system called Amazon One, raising questions about convenience versus privacy. The college football landscape is also shifting dramatically with major conference realignments that impact finances and competition. These developments highlight the ever-evolving dynamics in both the automotive and sports industries.
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Ford's EV Losses
- Ford Motor Company lost billions on EVs but remains profitable overall due to trucks and SUVs.
- The company's EV losses reflect pricing struggles against Tesla and high production costs.
Hybrids' Surprising Popularity
- Ford's CEO, Jim Farley, noted the surprising popularity of hybrid F-150 and Maverick trucks.
- Over half of Maverick buyers and 10% of F-150 buyers chose the hybrid version.
Government Regulations Drive EV Push
- Car companies are prepping for new government regulations pushing for more electric vehicles.
- These regulations aim for two-thirds of cars on the road to be electric by 2032.